Nasdaq-listed GD Culture Group announced that it will sell $300 million worth of stock to purchase Bitcoin ($BTC ) and the Official #TRUMP ($TRUMP ) meme coin.
US-based technology and e-commerce company GD Culture Group announced on Monday that it has signed a stock sale agreement with an investor based in the British Virgin Islands for a total of $300 million. The company announced that it will retain a significant portion of the proceeds from these sales by purchasing Bitcoin and the TRUMP meme coin in the long term and will include crypto assets in its balance sheet.
GD Culture Group described the strategy as "a conscious decision that reflects industry trends and our company's strengths in digital technologies and the live streaming e-commerce ecosystem." The company's CEO Xiaojian Wang stated that they aim to strengthen their corporate reserves with this move.
Nasdaq had warned
GD Culture, which has been struggling with financial difficulties recently, announced that it will lose $14.1 million in 2024. The company was warned by Nasdaq last month for failing to meet the minimum stock value and given a 45-day deadline to comply.
Trump-influenced interest
Former US President Donald Trump’s call to increase the country’s Bitcoin and crypto reserves has significantly increased interest in crypto assets in the corporate world.
Previously, other Nasdaq companies, such as Freight Technologies, have taken similar steps and started buying Trump meme coins. This makes GD Culture’s move more visible in the market.
